A/S Pilestræde 34 DK-1112 K CVR no. 29 20 73 13

Annual Report for 2018

Adopted at the Annual General Meeting on 8 April 2019

Chairman

Connie Hedegaard Table of contents

Page

Statements Statement by Management on the Annual Report 1 Independent Auditor's Report 2

Management´s Review Company Details 5 Financial Highlights 6 Management's Review 7

Financial Statements Accounting Policies 12 Income Statement 1 January - 31 December 21 Balance Sheet 31 December 22 Statement of changes in equity 26 Notes to the Financial Statements 27 Statement by Management on the Annual Report

The Executive and Board of Directors have today considered and adopted the Annual Report of Berlingske Media A/S for the financial year 1 January – 31 December 2018.

The Annual Report has been prepared in accordance with the Danish Financial Statements Act.

In our opinion, the Parent Company Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2018 of the Company and the Group and of the results of the Company and Group operations for 2018.

We recommend that the Annual Report be adopted at the Annual General Meeting.

Copenhagen, 8 April 2019

Executive Board

Anders Bjørn Krab-Johansen Michael Bjerregaard CEO CFO

Board of Directors

Connie Hedegaard Celine Mirjam van Praag Christian Van Thillo Chairman

Christophe Convent Lars Monrad-Gylling Jens Anton Havskov Hansen Staff Representative

Katrine Gundel Harmens Mikkel Ludvigsen Staff Representative Staff Representative

1 Independent Auditor's Report

To the Shareholder of Berlingske Media A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial State- ments give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2018, and of the results of the Group’s and the Parent Company’s operations for the financial year 1 January - 31 December 2018 in accordance with the Danish Financial Statements Act.

We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Berlingske Media A/S Group for the financial year 1 January - 31 December 2018, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company (“Financial Statements”).

Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in . Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Statement on Management's Review Management is responsible for Management's Review.

Our opinion on the Consolidated Financial Statements and Parent Company Financial Statements does not cover Management's Review, and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Consolidated Financial Statements and Parent Company Financial Statements, our responsibility is to read Management's Review and, in doing so, consider whether Management's Review is materially inconsistent with the Consolidated Financial Statements and Parent Company Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether Management's Review provides the information required under the Danish Financial Statements Act.

2 Independent Auditor's Report

Based on the work we have performed, we conclude that Management's Review is in accordance with the Consolidated Financial Statements and Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of Management's Review.

Management’s Responsibilities for the Financial Statements Management is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.

As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.

3 Independent Auditor's Report

 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.

 Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.

 Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.

 Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Hellerup, 8 April 2019

PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab CVR no. 33 77 12 31

Bo Schou-Jacobsen Leif Ulbæk Jensen State Authorised Public Accountant State Authorised Public Accountant mne28703 mne23327

4 Company Details

The Company Berlingske Media A/S Pilestræde 34 DK-1112 Copenhagen K

Telephone: + 45 33 75 75 75 Website: www.berlingskemedia.dk

CVR no.: 29 20 73 13 Reporting period: 1 January - 31 December 2018 Incorporated: 31 March 1950 Financial year: 69th financial year Domicile: Copenhagen

Board of Directors Connie Hedegaard, Chairman Celine Mirjam van Praag Christian Van Thillo Christophe Convent Lars Monrad-Gylling Jens Anton Havskov Hansen, Staff Representative Katrine Gundel Harmens, Staff Representative Mikkel Ludvigsen, Staff Representative

Executive Board Anders Bjørn Krab-Johansen, CEO Michael Bjerregaard, CFO

Auditors PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 DK-2900 Hellerup

5 Financial Highlights

Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights:

Group Berlingske Media A/S* 2018 2017 2016 2015 2014 TDKK TDKK TDKK TDKK TDKK

Key figures Revenue 1.099.099 1.207.588 911.054 942.664 1.046.806 Gross profit 531.878 590.252 442.741 510.834 521.600 EBITDA before special items 117.004 77.052 66.977 67.344 89.664 EBITA before special items 95.800 49.072 40.891 34.762 50.195 Net financials 5.464 2.410 3.659 5.042 6.641 Profit/loss for the year 30.012 1.816 23.080 -37.872 72.994 Berlingske Media share of profit/loss for the year 27.435 13.074 23.080 -37.872 72.994 Balance sheet Balance sheet total 1.151.811 1.167.411 1.292.799 1.354.545 1.431.248 Investment in property, plant and equipment 5.525 3.727 10.897 5.051 7.530 Equity 709.107 677.634 586.951 563.871 601.743 Berlingske Media share of equity 685.460 658.025 586.951 563.871 601.743 Number of employees 748 838 715 756 766 Financial ratios Gross margin 48,4% 48,9% 48,6% 54,2% 49,8% Profit margin 2,3% 0,03% -0,1% -5,1% 4,0% Return on assets 2,2% 0,03% -0,1% -3,5% 3,0% Solvency ratio 61,6% 58,0% 45,4% 41,6% 42,0% Return on equity 4,3% 0,3% 4,0% -6,5% 12,1% EBITDA before special items margin 10,6% 6,4% 7,4% 7,1% 8,6% EBITA before special items margin 8,7% 4,1% 4,5% 3,7% 4,8%

* The comparison figures for 2016, 2015 and 2014 comprise key figures for Berlingske Media A/S on a stand alone basis.

6 Management's Review

Business activities Berlingske Media owns the five major Danish media brands Berlingske, B.T., , Euroinvestor and 24syv.

Berlingske Media also owns Trykkompagniet (print company) and shares of Infomedia (news surveillance), Bornholms Tidende (), Pop FM (radio station), and Bladkompagniet (distribution company).

Development during the year The income statement shows a profit of MDKK 30 (2017: MDKK 2) for the Group whereof MDKK 27 (2017: MDKK 13) Is Berlingske Media’s share of the profit in 2018. Equity at end of year 2018 for the Group is MDKK 709 (2017: MDKK 677) whereas MDKK 685 (2017: MDKK 658) is Berlingske Media’s share of the equity.

Revenue shows MDKK 1.099 in 2018 compared to MDKK 1.208 in 2017.

The profit for the year has been affected by one-off items amounting to net costs of MDKK 58 related to restructuring of the business. Restructuring comprises redundancy costs as well as divestment of Sweetdeal and Marketsquare and sale of the former printing house building in Hvidovre.

Taking the net one-off costs of MDKK 58 into consideration, the result for the year is better than expectations.

Activities and changes during the year Management has undertaken a digital transformation of our company. Our media brands have unique identities and an up-to-date digital customer experience: Berlingske, B.T., Weekendavisen, 24syv and Euroinvestor. Our organisation and production have been simplified, we have invested in digital development, our strategic goal is to be leading in mobile, and we are aiming to become data-driven in 2019.

In September, Euroinvestor was acquired. Euroinvestor is Denmark’s leading investor portal with stock data, information from leading news sources and investor tools.

The core of our business is our media brands. As Sweetdeal and Marketsquare are not media brands, these activities were divested in December 2018 and January 2019, respectively.

In December 2018, we sold the printing house in Hvidovre. The production in Hvidovre was closed down in March 2017.

7 Management's Review

Management Team In June 2018, Ann Fogelgren was appointed CIO, and Allan Hansen was appointed Marketing Director.

In December 2018, Lars Christensen was announced new Editor in Chief of Euroinvestor as per 1 January 2019.

Future market development expectations and business risks The total Danish advertising market is expected to grow 3% in 2019, which is slightly higher than the growth we saw in 2018.

The digital advertising spend will continue to grow significantly, and are expected to account for 60% of all media spend in Denmark in 2019. The growth is primarily driven by online advertising with significant increases in spend on search (9%), social (25%) and video (14%). The growth in display ad spend excluding social networks is expected to have a slightly weaker development (1,5%). Especially display advertising on desktop is showing weaker development due to a more mature market and the shift towards mobile.

Smartphones continue to grow in importance as a news platform. The number accessing news via smartphone has now outstripped those using computers.

Television, printed , and online sources of news have levelled out or have dropped slightly since 2017, while social media continue to decline as a source of news.

Payment for online news has stagnated at 15% since 2017, placing Denmark at 14th out of 37 countries. Substantial increases have come from other Nordic markets, Norway (+4) and Sweden (+6), as well as Finland (+4), indicating a huge potential for paid online editorial content in Denmark.

The use of podcasts is growing, and 19 % of the Danes use podcasts weekly. Younger, urban people are far more likely to use podcasts. Voice-activated digital assistants like the Amazon Echo and Google Home continue to grow rapidly, opening new opportunities for audio news.

The above mentioned expectations to the market also comprises business risks. However, we assess that our investments in and focus in digital solutions mitigate the inherent business risks within the media segment where we want to keep our position as a significant player.

8 Management's Review

Non-financial conditions Statutory statement on CSR in accordance with Danish Financial Statement Act § 99a.

The basic values of the Group is that we are accountable, maintain a high ethical standard and show respect for our business partners, customers, employees and other stakeholders. The Group is a media company delivering news on relevant platforms. Therefore, we are daily exposed to a significant number of people and business relationships. As a media company, we are particularly aware of our impact on Danish society. As part of running a responsible business, a risk assessment is carried out and the need for policies, guidelines and efforts are assessed continuously.

Business model The business model is described above in the sections “Business activities”, “Future market development expectations and business risks”.

Risks In respect to environment our print production has a potential risk, as we have high consumption of paper and production material.

In respect to employees we have a risk that our key employees will leave the group and our employees’ lack of updated digital skills.

In respect to anti-corruption and anti-bribery, we have a risk of not being a free and independent press if management or employees receive gifts, travel and other benefits from our suppliers or customers.

In respect to human rights we respect the law and the spirit of the law and currently we treat personal data with the utmost attention.

Policies In terms of production, the Group puts emphasis on suppliers, including subsidiaries, to minimize material usage and ensure the collection of environmentally harmful substances for recycling and controlled degradation.

We have policies on education, that ensures that we update the right competencies and policies on how to reduce employee churn.

Berlingske Media has a policy against receiving money (bribery), travels, gifts or other incentives from customers or suppliers.

We have policies that ensure that we are compliant with GDPR.

9 Management's Review

Effort and results In respect to environment, paper was purchased jointly with other media companies, which ensures an environmentally friendly green paper production and replanting trees (FSC approved). Unsold newspapers are recycled.

In respect to employees, the Group invested in upgrading the digital skills in 2018. All employees have attended training in new digital collaboration platforms. The Group is aware of the need for training and development to meet the ambitious strategic digital goals and will continue to upgrade digital skills in 2019.

In respect to anti-corruption and anti-bribery, we inform all new employees of our policy, and we have carried out controls in 2018 and found no breaches.

In respect to human rights, we have in 2018 implemented policies to ensure handling of personal data within the Group.

Gender balance in management Berlingske Media has set a target for gender balance of the Company's board of directors. The aim is that the underrepresented gender is never lower than one third (33%) of the general meeting elected members.

Our objective was achieved in March 2018, when Connie Hedegaard was elected as chairman of the Board of directors. Berlingske Media now has two female members out of a total of five board members (40%) excluding staff representatives.

Berlingske Media commits to working for equal career opportunities for all employees regardless of gender. In recruiting, training programs etc., Berlingske Media will therefore always let talent, skills and qualifications decide who is employed in various positions.

According to Berlingske Media's policies on gender balance, 40% of the staff should be female.

In 2018, 43% of the staff was female, which is 2% points higher than in 2017 (41%).

For management and specialists, 41% was female, which is 4% points higher than in 2017 (37%).

Subsequent events We refer to note 19 in the Financial Statements.

10 Management's Review

Expectations for the year ahead Berlingske Media is a healthy business. We are growing the digital business, our media have distinctive, independent identities, and each of them is making sure that the press fulfills its role in society and democracy. As a group, we are leaders in Copenhagen and strong in the major Danish cities. This is the base from which we are growing. We aim to build a responsible data-driven media group for the benefit of our customers and advertisers, and data is the top priority in 2019.

Berlingske Media’s current strategy has a three-year horizon. The goal is to be substantially more digital in everything from product portfolio, user experience, revenue, workflow and organization.

11 Accounting Policies

The Annual Report of Berlingske Media A/S for 2018 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.

The accounting policies applied remain unchanged from last year.

The Annual Report for 2018 is presented in TDKK.

For the comparative figures, reclassifications have been made between "Revenue" and "Other operating income".

Basis of recognition and measurement The Financial Statements have been prepared under the historical cost method.

Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.

Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.

Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.

Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period.

Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date.

Leases All leases that is not classified as financial leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term.

12 Accounting Policies

Translation policies Danish kroner is used as reporting and functional currency as most of the Company’s transactions are in DKK. All other currencies are regarded as foreign currencies.

Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.

Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.

Fixed assets acquired in foreign currencies are measured at the transaction date rates.

Consolidated Financial Statements The Consolidated Financial Statements comprise the Parent Company Berlingske Media A/S and subsidiaries in which the Parent Company, directly or indirectly, holds more than 50% of the voting rights or otherwise has a controlling interest. Entities in which the Group holds between 20% and 50% of the voting rights and over which it exercises significant influence, but which it does not control, are considered associates, cf. the group chart.

On consolidation, intra-group income and expenses, holdings of shares, intra-group balances and dividends as well as realised and unrealised gains and losses on intra-group transactions are eliminated.

Investments in subsidiaries are set off against the proportionate share of the subsidiaries' fair value of net assets and liabilities at the acquisition date.

Newly acquired or newly established enterprises are recognised in the Consolidated Financial Statements from the effective dates of acquisition. Entities disposed of are recognised in the Consolidated Income Statement until the date of disposal. Comparative figures are not restated for acquisitions or disposals.

13 Accounting Policies

Business Combinations The takeover method is applied for acquisitions if the Parent company gains control of the entity. Identifiable assets, liabilities, and contingent liabilities in companies acquired are measured at their fair values at the dates of acquisition. Identifiable intangible assets are recognised, if they can be separated or arise from a contractual right. Deferred tax is recognised on fair value adjustments. Any excess of the cost of acquisition over the fair value of the identifiable assets, liabilities, and contingent liabilities acquired is recognised as goodwill under intangible assets. Transaction costs relating to acquisitions before 1 July 2018 are capitalised as part of the acquisition cost. Transaction costs relating to acquisitions after 1 July 2018 are charged to the income statement as administration expenses at the time of acquisition. The goodwill amortization period is assessed based on the estimated useful life of the goodwill acquired.

Goodwill and negative goodwill relating to acquired enterprises may be adjusted until the end of the financial year following the year of acquisition.

Profit or loss on sale or winding-up of subsidiaries and associates is stated as the difference between the selling price or the winding-up sum and the carrying amount of net assets at the time of sale as well as expected selling or winding-up costs.

Minority interests In the Consolidated Financial Statements, the items of subsidiaries are recognised in full. The minority interests' proportionate share of subsidiaries' profit/loss and equity is calculated based on the equity method and is presented separately under appropriation of profit and in a main item under equity.

Income statement Segment information on revenue Information regarding activities and geographical markets are based on the Groups profit and risk and the internal financial management. All revenue take place in Denmark. Business segments are considered the primary segments.

Revenue Revenue from the sale of goods and services is recognised when the risks and rewards relating to the goods and services sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group.

Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.

14 Accounting Policies

Government grants Government grants include license income for operating the radio station 24syv and subsidies to cover specific editorial costs for eligible media releases. Government grants are recognized when there is reasonable assurance that they will be received and are recognized in the period that the grants relates to.

Since license income for radio 24syv is granted as basis for the radio's total activities according to the commercial conditions and return on the invested capital for the owners is allowed, the license revenue is recognized under revenue and is disclosed separately in the segment information note regarding revenue under "24syv". Government grants to cover specific editorial costs are offset against other external costs.

Cost of goods and services sold Costs of goods and services sold comprise the expenses to achieve revenue for the year. Income from public subsidies, ie. "Mediestøtte" is recognized in cost of goods and services sold.

Other operating income and costs Other operating income and other operating costs comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment.

Other external expenses Other external expenses comprise advertising, administation, rent of leasehold, provisions for bad debt, other leases etc.

Staff expenses Staff expenses comprise wages and salaries as well as other payroll expenses.

Financial income and expenses Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.

Income from investments in subsidiaries and associates The items "Income from investments in subsidiaries" and "Income from investments in associates" in the income statement include the proportionate share of the profit for the year less amortisation of goodwill.

Tax on profit/loss for the year Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.

15 Accounting Policies

Any changes in deferred tax due to changes to tax rates are recognised in the income statement.

The Company is jointly taxed with De Persgroep Denmark ApS. The tax effect of the joint taxation with the group enterprises is allocated to Danish group enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses).

Balance sheet Intangible assets In the Consolidated Financial Statements, goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the net identifiable assets of the acquired subsidiary at the date of acquisition and goodwill acquired through an asset acquisition.

In the Parent Company Financial Statements, goodwill represent the cost of goodwill acquired through an asset acquisition.

Goodwill is measured at cost less accumulated amortisation.

Goodwill is amortised on a straight-line basis over the estimated useful life, which is determined on the basis of management's experience within the individual business areas. The amortization period is between 5-20 years and is the longest for strategically acquired businesses with a strong market position and long earnings profile.

Software are measured at the lower of cost less accumulated amortisation and recoverable amount. Software are amortised on a straight-line basis over the useful life, which is assessed at 2-7 years.

Acquired patents and trademarks are measured at lower of cost less accumulated amortisation and recoverable amount. Patents and trademarks are amortised on a straight-line basis over the usefull life is assessed at 5 years.

Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.

Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.

Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.

16 Accounting Policies

Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:

Useful life Buildings 35 years Other fixtures and fittings, tools and equipment 3-5 years Leasehold improvements 5-9 years

Depreciation period and residual value are reassessed annually.

Investments in subsidiaries and associates Investments in subsidiaries and associates are recognised and measured under the equity method.

The items "Investments in subsidiaries" and "Investments in associates" in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with addition of any remaining value of positive differences (goodwill) and deduction of any remaining value of negative differences (negative goodwill).

The total net revaluation of investments in subsidiaries and associates is transferred upon distribution of profit to "Reserve for net revaluation under the equity method" under equity. The reserve is reduced by dividend distributed to the Company and adjusted for other equity movements in the subsidiaries and the associates.

Subsidiaries and associates with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Company to cover the negative balance of the enterprise is recognised in provisions.

Other fixed investments Other fixed investments are measured at the lower of cost and recoverable amount.

Impairment of fixed assets The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.

If so, an impairment test is carried out to determine whether the recoverable amount is lower than the carrying amount. If so, the asset is written down to its lower recoverable amount.

17 Accounting Policies

The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.

Inventory Inventories are measured at cost according to the FIFO method or net realization value, if this is lower.

The net realization value for inventories is calculated at the amount that is expected to be recovered by sale, less sales and commissioning costs.

The cost price for raw materials and consumables includes the purchase price plus addition costs.

Receivables Receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to nominal value. Allowances for estimated bad debts are made.

Prepayments Prepayments comprise prepaid expenses concerning rent, insurance premiums and subscriptions.

Equity Dividends Dividend distribution proposed by Management for the year is disclosed as a separate equity item.

Provisions Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.

Deferred tax Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.

Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.

18 Accounting Policies

Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.

Current tax liabilities and assets Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.

Financial debts Debts are measured at amortised cost, substantially corresponding to nominal value.

Deferred revenue Deferred revenue comprises payments received in respect of income in subsequent years, primary prepaid subscriptions.

Cash flow statement With reference to section 86(4) of the Danish Financial Statements Act, the Group has not prepared a cash flow statement as the cash flow statement is included in the Consolidated Financial Statements of De Persgroep NV.

19 Accounting Policies

Financial highlights Definitions of key figures and financial ratios. Gross profit x 100 Gross margin ratio Revenue

Profit/loss before financials x 100 Profit margin Revenue

Profit/loss before financials x 100 Return on assets Average assets

Equity at year-end x 100 Solvency ratio Total assets at year-end

Net profit for the year x 100 Return on equity Average equity

EBITDA before special Earnings before interest, taxes, amortisation and depreciations and items special items ref. note 10.

EBITA before special Earnings before interest, taxes and amortisation and special items ref. items note 10.

EBITDA before special EBITDA before special items x 100 items margin Revenue

EBITA before special EBITA before special items x 100 items margin Revenue

20 Income Statement 1 January - 31 December

Group Parent Company Note 2018 2017 2018 2017 TDKK TDKK TDKK TDKK

Revenue 1 1.099.099 1.207.588 502.324 568.464

Other operating income 12.903 36.976 101.856 162.499 Cost of goods and services sold -254.464 -318.327 -141.535 -165.313 Other external expenses -325.660 -335.985 -207.834 -196.101 Gross profit 531.878 590.252 254.811 369.549

Staff expenses 2 -471.389 -557.249 -252.195 -309.714 Depreciation, amortisation and impairment of intangible assets and property, plant and equipment 3 -37.130 -38.063 -16.238 -23.515 Profit/loss before net financials 23.359 -5.060 -13.622 36.320

Income from investments in subsidiaries 4 0 0 31.560 -30.329 Income from investments in associates 5 2.198 5.407 1.457 1.976 Financial income 6 6.225 3.111 8.460 5.786 Financial expenses 7 -762 -701 -717 -680 Profit/loss before tax 31.020 2.757 27.138 13.073

Tax on profit/loss for the year 8 -1.008 -941 297 0 Profit/loss for the year 30.012 1.816 27.435 13.073

Minority share of the net result 2.577 -11.257 Berlingske share of net result 27.435 13.073 27.435 13.073 30.012 1.816 27.435 13.073

21 Balance Sheet 31 December

Group Parent Company Note 2018 2017 2018 2017 TDKK TDKK TDKK TDKK

Assets

Software 12.417 14.426 12.418 14.427 Acquired patents 327 808 0 0 Goodwill 96.227 89.172 22.231 0 IT Software in progress 4.396 6.237 1.164 6.237 Trademark 604 3.585 0 2.252 Intangible assets 11 113.971 114.228 35.813 22.916

Land and buildings 6.000 38.369 0 0 Other fixtures and fittings, tools and equipment 10.285 15.027 4.536 8.452 Leasehold improvements 4.262 5.237 3.213 3.036 Property, plant and equip- ment in progress 424 0 272 0 Property, plant and equipment 12 20.971 58.633 8.021 11.488

Investments in subsidiaries 13 0 0 314.901 290.210 Investments in associates 14 27.947 25.750 16.652 15.195 Receivables from group enterprises 15 0 19.380 16.861 19.367 Other fixed asset investments 15 4.862 4.862 4.691 4.691 Deposits 15 11.945 13.663 10.800 12.632 Fixed asset investments 44.754 63.655 363.905 342.095

Total non-current assets 179.696 236.516 407.739 376.499

22 Balance Sheet 31 December (continued)

Group Parent Company Note 2018 2017 2018 2017 TDKK TDKK TDKK TDKK

Assets

Raw materials and consumables 1.619 1.091 0 0 Inventories 1.619 1.091 0 0

Trade receivables 45.665 45.989 4.441 11.400 Receivables from group enterprises 673.083 711.550 696.994 688.948 Other receivables 34.285 27.102 29.689 22.103 Deferred tax asset 16 96.586 96.158 81.093 81.093 Corporation tax 0 1.281 297 0 Prepayments 12.901 7.828 2.781 3.804 Receivables 862.520 889.908 815.295 807.348

Cash at bank and in hand 107.976 39.896 60.731 39.896

Total current assets 972.115 930.895 876.026 847.244

Total assets 1.151.811 1.167.411 1.283.765 1.223.743

23 Balance Sheet 31 December

Group Parent Company Note 2018 2017 2018 2017 TDKK TDKK TDKK TDKK

Equity and liabilities

Share capital 216.567 216.567 216.567 216.567 Retained earnings 468.893 441.459 468.893 441.458 Minority interests 23.647 19.608 0 0 Equity 709.107 677.634 685.460 658.025

Other provisions 17 11.254 9.874 11.254 9.874 Total provisions 11.254 9.874 11.254 9.874

Other payables 383 4.026 383 4.026 Total non-current liabilities 18 383 4.026 383 4.026

Trade payables 110.341 96.447 72.002 66.007 Payables to group enterprises 0 0 333.536 252.266 Corporation tax 1.008 0 0 0 Other payables 18 156.587 206.413 74.160 118.755 Deferred revenue 163.131 173.017 106.970 114.790 Total current liabilities 431.067 475.877 586.668 551.818

Total liabilities 431.450 479.903 587.051 555.844

Total equity and liabilities 1.151.811 1.167.411 1.283.765 1.223.743

24 Balance Sheet 31 December (continued)

Group Parent Company Note 2018 2017 2018 2017 TDKK TDKK TDKK TDKK

Equity and liabilities

Disclosure notes

Distribution of profit 9 Special items 10 Subsequent events 19 Rent and lease commitments 20 Contingent assets, liabilities and other financial obligations 21 Related parties and group relation 22 Fee to auditors appointed at the general meeting 23

25 Statement of changes in equity

Group Retained Minority Share capital earnings interests Total TDKK TDKK TDKK TDKK

Equity at 1 January 2018 216.567 441.458 19.607 677.643 Addition minority 0 0 1.800 1.800 Dividend 0 0 -336 -336 Net profit/loss for the year 0 27.435 2.576 30.011 Equity at 31 December 2018 216.567 468.893 23.647 709.107

Parent Company Retained Share capital earnings Total TDKK TDKK TDKK

Equity at 1 January 2018 216.567 441.458 658.025 Net profit/loss for the year 0 27.435 27.435 Equity at 31 December 2018 216.567 468.893 685.460

26 Notes to the Financial Statements

1 Segment information All revenue activities take place in Denmark.

Group

Weekend- Group TDKK Berlingske B.T. avisen 24syv* Other total 2018 Revenue 467.307 341.350 112.230 98.184 80.028 1.099.099 EBITA before special items 25.378 40.354 22.774 1.663 5.631 95.800 (additional segment information) Special items -56.496 Amortisation -15.945 Profit/loss before net financials 23.359

*Revenue comprise government grants.

2017 Revenue 515.293 387.853 108.429 96.558 99.455 1.207.588 EBITA before special items 16.234 2.675 21.374 1.535 7.254 49.072 (additional segment information) Special items -44.193 Amortisation -9.939 Profit/loss before net financials -5.060

Parent Company Parent TDKK Berlingske Other total 2018 Revenue 467.307 35.017 502.324 EBITA before special items 25.378 3.432 28.810 (additional segment information) Special items -41.663 Amortisation -769 Profit/loss before net financials -13.622

2017 Revenue 515.293 53.170 568.463 EBITA before special items 16.234 3.669 19.903 (additional segment information) Special items 16.417 Profit/loss before net financials 36.320

27 Notes to the Financial Statements

Group Parent Company 2018 2017 2018 2017 TDKK TDKK TDKK TDKK

2 Staff expenses Wages and salaries 440.658 522.256 236.440 289.298 Pensions 24.510 27.626 12.717 16.065 Other social security costs 6.221 7.367 3.038 4.351 Staff expenses total 471.389 557.249 252.195 309.714

Executive Board 5.466 5.828 5.466 5.828 Board of Directors 320 288 320 288 5.786 6.116 5.786 6.116

Average number of employees 748 838 382 511

Remuneration to the executive board comprise of 2 members in 2018 (2017: 3).

3 Depreciation, amortisation and impairment of intangible assets and property, plant and equipment Amortisation and impairment losses of goodwill 15.945 9.939 769 0 Amortisation of intangible assets 12.529 14.480 11.318 13.361 Depreciation of property, plant and equipment 8.656 13.644 4.151 10.154 37.130 38.063 16.238 23.515

28 Notes to the Financial Statements

Parent Company 2018 2017 TDKK TDKK

4 Income from investments in subsidiaries Net profit/loss for the year, cf. note 13 38.765 -28.358 Amortisation of net goodwill/badwill, cf. note 13 -7.205 -1.971 31.560 -30.329

Group Parent Company 2018 2017 2018 2017 TDKK TDKK TDKK TDKK

5 Income from investments in associates Net profit/loss for the year, cf. note 14 2.198 5.407 1.457 1.976 2.198 5.407 1.457 1.976

6 Financial income Interest received from group enterprises 0 0 4.751 4.073 Other financial income 6.225 3.111 3.709 1.713 6.225 3.111 8.460 5.786

29 Notes to the Financial Statements

Group Parent Company 2018 2017 2018 2017 TDKK TDKK TDKK TDKK

7 Financial expenses Interest paid to group enterprises 0 0 0 40 Other financial expenses 762 701 717 640 762 701 717 680

8 Tax on profit/loss for the year Current tax for the year 1.008 941 -297 0 1.008 941 -297 0

9 Distribution of profit Minority share of the net result 2.577 -11.257 Berlingske share of the net result 27.435 13.073 27.435 13.073 30.012 1.816 27.435 13.073

30 Notes to the Financial Statements

10 Special items Special items comprise income and costs which are special due to their size or nature e.g. redundancy costs, stranded costs due to re-organisations, impairment loss, gain or loss of sale of assets etc.

2018 Group The profit for the year has been negatively affected by net one-off costs in connection with the restructuring of the business. One-off costs amount to net DKK 58.1 milllion and comprise redundancy cost, stranded cost regarding re-organisation of business, gain on sale of assets and received debt forgiveness. The net costs are included in line items ”Other operating income”, “Staff expenses”, “Other external expenses”, “Depreciations, amortisation and impairment of intangible assets and property plant and equipment“ and “Financial income”.

Parent Company The profit for the year has been negatively affected by net one-off costs in connection with the restructuring of the business. One-off costs amount to net DKK 51.2 milllion and comprise redundancy cost, stranded cost regarding re-organisation of business, gain on sale of assets and received debt forgiveness. The net costs are included in line items “Other operating income”, “Staff expenses”, “Other external expenses”, “Depreciations, amortisation and impairment of intangible assets and property plant and equipment“, “Income from investments in subsidiaries” and “Financial income”.

2017 Group The profit for the year has been negatively affected by net one-off costs in connection with the restructuring of the business. One-off costs amount to net DKK 73.2 milllion and comprise redundancy cost, stranded cost regarding re-organisation of business and gain on sale of assets. The net costs are included in line items “Other operating income”, “Staff expenses” and “Other external expenses”.

Dissolving of the Danish strike fund for Danish printed media has affected the profit for the year positively by DKK 29.1 million. The income is included in line item “Other operating income”.

31 Notes to the Financial Statements

Special items (continued) Parent Company The profit for the year has been negatively affected by net one-off costs in connection with the restructuring of the business. One-off costs amount to net DKK 63.2 milllion and comprise redundancy cost, stranded cost regarding re-organisations of business and gain on sale of assets and received debt forgiveness. The net costs are included in line items “Other operating income”, “Staff expenses”, “Other external expenses”, “Depreciations, amortisation and impairment of intangible assets and property plant and equipment“, “Income from investments in subsidiaries” and “Financial income”.

Dissolving of the Danish strike fund for Danish printed media has affected the profit for the year positively by DKK 29.1 million. The income is included in line item “Other operating income”.

11 Intangible assets

Group Acquired IT Software Software patents Goodwill in progress Trademark TDKK TDKK TDKK TDKK TDKK

Cost at 1 January 2018 210.176 4.137 119.102 6.237 3.404 Additions for the year 0 0 23.000 7.614 0 Disposals for the year -4.063 0 0 0 -2.800 Transfers for the year 9.455 0 0 -9.455 0

Cost at 31 December 2018 215.568 4.137 142.102 4.396 604

Amortisation and impairment losses at 1 January 2018 195.023 3.327 29.930 0 548 Impairment for the year 0 0 5.237 0 0 Amortisation for the year 12.046 483 10.708 0 0 Reversal of amortisation of disposals for the year -3.918 0 0 0 -548 Amortisation and impairment losses at 31 December 2018 203.151 3.810 45.875 0 0

Carrying amount at 31 December 2018 12.417 327 96.227 4.396 604

32 Notes to the Financial Statements

11 Intangible assets (continued)

Parent Company IT Software in Software Goodwill progress Trademark TDKK TDKK TDKK TDKK

Cost at 1 January 2018 199.722 0 6.237 2.800 Additions for the year 0 23.000 4.382 0 Disposals for the year -4.063 0 0 -2.800 Transfers for the year 9.455 0 -9.455 0 Cost at 31 December 2018 205.114 23.000 1.164 0

Amortisation and impairment losses at 1 January 2018 185.296 0 0 548 Amortisation for the year 11.318 769 0 0 Reversal of impairment and amortisation of sold assets -3.918 0 0 -548 Amortisation and impairment losses at 31 December 2018 192.696 769 0 0

Carrying amount at 31 December 2018 12.418 22.231 1.164 0

33 Notes to the Financial Statements

12 Property, plant and equipment

Group Other fixtures Property, and fittings, Leasehold plant and Land and tools and improve- equipment in buildings equipment ments progress TDKK TDKK TDKK TDKK

Cost at 1 January 2018 185.679 324.077 85.419 0 Additions for the year 0 2.878 170 2.773 Disposals for the year -40.000 -2.657 -3.244 0 Transfers for the year 0 0 2.349 -2.349 Cost at 31 December 2018 145.679 324.298 84.694 424

Depreciation and impairment losses at 1 January 2018 147.310 309.049 80.182 0 Depreciation for the year 0 7.187 1.469 0 Reversal of depreciations of sold assets -7.631 -2.223 -1.219 0 Depreciation and impairment losses at 31 December 2018 139.679 314.013 80.432 0

Carrying amount at 31 December 2018 6.000 10.285 4.262 424

34 Notes to the Financial Statements

12 Property, plant and equipment (continued)

Parent Company Other fixtures Property, and fittings, Leasehold plant and tools and improve- equipment in equipment ments progress TDKK TDKK TDKK Cost at 1 January 2018 27.676 77.086 0 Additions for the year 245 0 2.621 Disposals for the year -1.928 -2.633 0 Transfers for the year 0 2.349 -2.349 Cost at 31 December 2018 25.993 76.802 272

Impairment losses and depreciation at 1 January 2018 19.224 74.050 0 Depreciation for the year 3.821 330 0 Reversal of depreciations of sold assets -1.588 -791 0 Impairment losses and depreciation at 31 December 2018 21.457 73.589 0

Carrying amount at 31 December 2018 4.536 3.213 272

35 Notes to the Financial Statements

Parent Company 2018 2017 TDKK TDKK

13 Investments in subsidiaries Cost at 1 January 757.886 686.924 Additions for the year 4.200 70.962 Cost at 31 December 762.086 757.886

Revaluations at 1 January -467.676 -437.447 Net profit for the year 38.765 -28.358 Received dividend -11.435 -795 Amortisation of goodwill -7.205 -1.971 Equity investments with negative net asse value transferred to receivables, 1 January -8.744 -7.849 Equity investments with negative net asset value transferred to receivables, 31 December 9.110 8.744 Revaluations at 31 December -447.185 -467.676

Carrying amount at 31 December 314.901 290.210

Remaining goodwill included in the above carrying amount at 31 December 10.246 17.451

Argumentation for Goodwill depreciation periods The Company’s investment in the subsidiary Marketsquare A/S, including goodwill of TDKK 10.246, has been disposed in January 2019.

36 Notes to the Financial Statements

Group Investments in subsidiaries are specified as follows:

Ownership Name Registered office interest

Trykkompagniet A/S Slagelse 100% Berlingske af 2007 A/S Copenhagen 100% Marketsquare A/S Copenhagen 100% Weekendavisen A/S Copenhagen 100% MOL Holding A/S Copenhagen 88% Berlingske Netdoktor A/S Copenhagen 80% Berlingske People A/S Copenhagen 70% BTMX P/S Copenhagen 70% BTMX General Partner ApS Copenhagen 70% Podcast24syv A/S Copenhagen 70% FM6 A/S Copenhagen 60%

37 Notes to the Financial Statements

Group Parent Company 2018 2017 2018 2017 TDKK TDKK TDKK TDKK

14 Investments in associates Cost at 1 January 53.067 53.817 16.041 16.041 Disposals for the year 0 -750 0 0 Cost at 31 December 53.067 53.067 16.041 16.041

Revaluations at 1 January -27.317 -33.224 -846 -2.822 Disposals for the year 0 500 0 0 Net profit/loss for the year 2.197 5.407 1.457 1.976 Revaluations at 31 December -25.120 -27.317 611 -846

Carrying amount at 31 December 27.947 25.750 16.652 15.195

Group Investments in associates are specified as follows:

Ownership Name Registered office interest

A/S Bladkompagniet Copenhagen 50% Infomedia A/S Copenhagen 50%

38 Notes to the Financial Statements

15 Fixed asset investments

Group Receivables from group Other enterprises investments Deposits TDKK TDKK TDKK

Cost at 1 January 2018 19.380 11.494 13.663 Repayment -19.380 0 -1.718 Cost at 31 December 2018 0 11.494 11.945

Impairment losses at 1 January 2018 0 6.632 0 Impairment losses at 31 December 2018 0 6.632 0

Carrying amount at 31 December 2018 0 4.862 11.945

39 Notes to the Financial Statements

15 Fixed asset investments (continued)

Parent Company Receivables Other fixed from group asset enterprises investments Deposits TDKK TDKK TDKK

Cost at 1 January 2018 19.367 11.323 12.633 Additions for the year 670 0 0 Disposals for the year -3.176 0 -1.833 Cost at 31 December 2018 16.861 11.323 10.800

Impairment losses at 1 January 2018 0 6.632 0 Impairment losses at 31 December 2018 0 6.632 0

Carrying amount at 31 December 2018 16.861 4.691 10.800

16 Provision for deferred tax

Group Total deferred tax asset is estimated at approximately MDKK 325 (2017: MDKK 333) (calculated at a tax rate of 22%). Of the total tax assets, MDKK 96 (2017: MDKK 96) has been been recognised in the balance shet.

Parent Company Total deferred tax asset is estimated at approximately MDKK 215 (2017: MDKK 212) (calculated at a tax rate of 22 pct.). Of the total deferred tax asset, MDKK 81 (2017: MDKK 81) has been recognised as of 31 December 2018.

Management has recognised the tax asset based on budgets for the coming 5 years and assessed it to be probable that the deferred tax asset can be utilized within the Danish joint taxation Group.

40 Notes to the Financial Statements

Group Parent Company 2018 2017 2018 2017 TDKK TDKK TDKK TDKK

17 Other provisions Provision for restoration of leasehold 11.254 9.874 11.254 9.874 Balance at 31 December 11.254 9.874 11.254 9.874

The provision is expected to mature as follows: Between 1 and 5 years 11.254 9.874 11.254 9.874 11.254 9.874 11.254 9.874

18 Long term debt Other payables Between 1 and 5 years 383 4.026 383 4.026 Non-current part 383 4.026 383 4.026 Within 1 year 156.587 206.413 74.160 118.755 156.970 210.439 74.543 122.781

19 Subsequent events The shares in Marketsquare A/S are sold in January 2019. Berlingske Media has decided not to reapply for the FM4 channel, and therefore Radio24syv vil close as of 31 October 2019.

Except for this, no subsequent events incurred after 31 December 2018 significantly affecting the financial position.

41 Notes to the Financial Statements

Group Parent Company 2018 2017 2018 2017 TDKK TDKK TDKK TDKK

20 Rent and lease commitments

Rent and lease commitments Operating lease liabilities. Total future lease payments: Within 1 year 30.339 33.510 28.662 31.680 Between 1 and 5 years 36.294 64.639 35.798 63.164 66.633 98.149 64.460 94.844

21 Contingent assets, liabilities and other financial obligations

Contingent liabilities Group There is a risk that the some entities in the Group will be met with claims for trading of unauthorized advertising in relation to some advertisers.

The Group has an obligation of joint registration of withholding tax, ATP, VAT and duties.

The Group companies is part of national taxation in Denmark with De Persgroep Denmark ApS and is jointly liable with other Danish group companies for corporate and withholding tax.

Parent Company There is a risk that the Company will be met with claims for trading of unauthorized advertising in relation to some advertisers.

Berlingske Media A/S has issued letters of support for some of the subsidiaries. Berlingske Media A/S has in this respect garanteed to support the subsidiaries with sufficient liquidity to ensure future operations and investments, and for debt to be paid when due. The letters of support expires at 31 December 2019.

The Company has an obligation of joint registration of withholding tax, ATP, VAT and duties.

42 Notes to the Financial Statements

21 Contingent assets, liabilities and other financial obligations (continued) The Company is part of national taxation in Denmark with De Persgroep Denmark ApS and is jointly liable with other Danish group companies for corporate and withholding tax.

22 Related parties and group relation

Transactions

Transactions with related parties has been carried out at arm's length terms.

Consolidated Financial Statements

The Company is included in the Group Annual Report of De Persgroep NV.

The Group Annual Report of De Persgroep NV. may be obtained at the following address:

De Persgroep NV Brusselsesteenweg 347 BE-1730 Asse (Kobbegem) Belgium

23 Fee to auditors appointed at the general meeting

With reference to section 96(3) of the Danish Financial Statement Act, audit fees are not disclosed.

43